15BWBoard to certify amount of lump sum due

15BW Board to certify amount of lump sum due

15BW Board to certify amount of lump sum due

(1) Where a person becomes entitled under this Part to the payment of the amount standing to the credit of a former contributor’s servant’s account in the Pension Fund, the board shall before making the payment—

(a) make such adjustments to the servant’s account from which the payment or any part of the payment is to be made as it considers necessary by reason of any unpaid liability to the board of the employer or the former contributor concerned, by reason of any transfers to or from the servant’s account concerned required to be made but not made or by reason of the payment in advance of any amounts paid by an employer or for any other reason that the board thinks fit,

(b) credit to that servant’s account such amount as the board thinks fit in respect of interest for the period from the commencement of the superannuation year in which the payment is to be made to the proposed date of payment, and

(c) certify the amount payable as a lump sum under this Part, after any such adjustments have been made or the servant’s account has been so credited.

(2) The amount certified by the board under subsection (1) (c) shall be the amount payable as the amount standing to the credit of a former contributor’s servant’s account in the Pension Fund.

s 15BW: Ins 1977 No 46, Sch 1 (4).